Technical outlook and chart setups:
The EUR/JPY pair is seen to be trading around the 133.12 levels for now, looking to push higher at least up to the 134.20/50 levels. Please note that the consolidation support line would provide resistance at these levels. It is hence recommended to initiate long positions with risk at the 132.68 levels. Immediate support is seen at 132.68 (interim), followed by 132.25 and lower, while resistance is seen at the 134.00 levels, followed by 134.50 and higher. Bulls might be in control until prices stay above the 132.68 levels. A push above 134.50 could see the pair testing higher levels around 136.70.
Remain long now, stop is at 132.68, target is open.
The material has been provided by InstaForex Company – www.instaforex.com